Investment Adviser Brings Fight Against FINRA to Appeals Court

Alpine Securities Corp. is appealing a federal court’s decision to allow the Financial Industry Regulatory Authority to continue its enforcement activities while the investment adviser’s challenge to its authority proceeds.

The company’s filing Thursday came a day after the US District Court for the District of Columbia denied its request for a preliminary injunction.

Alpine failed to show that claims it brought together with Scottsdale Capital Advisors Corp. were likely to succeed on the merits “because FINRA is likely not a state actor, obviating all but one of plaintiffs’ constitutional claims, and their surviving First Amendment claim likely lacks merit,” ...